RBC targets emissions intensity, balking at stronger goals
BNN Bloomberg
RBC is targeting cuts in the concentration of emissions from parts of its lending portfolio this decade, while shying away from the stronger, absolute-emissions reductions that other global banks have promised.
The Toronto-based company set a goal of lowering the intensity of emissions that its oil and gas clients generate from their operations -- known as Scope 1 and 2 emissions -- by 35 per cent by 2030, relative to 2019 levels, according to a statement Wednesday. It's also planning to reduce the intensity of emissions from the burning of the fuels those companies sell -- Scope 3 emissions -- by 11 per cent to 27 per cent in that time frame.
The lender also is targeting a 54 per cent reduction in the intensity of Scope 1 emissions from its power-generation clients and a 47 per cent cut in all three scopes of emissions intensity in automotive lending.
Royal Bank's emissions-intensity metric measures the amount of carbon emitted by the companies relative to their total production. Using that yardstick allows Royal Bank to increase lending to high-emitting sectors and lets companies in its portfolio emit more total carbon through increased production as long as their operations are becoming more efficient.
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